Financial Markets Politics

Obama to the Rescue – Update X 2

While John McCain is suddenly pretending that he is concerned about ordinary Americans by suspending his campaign and running off to Washington DC for photo-ops, Barack Obama is keeping a cool head and staying out of the way of the current economic negotiations. Obama said that he will go to Washington DC to vote or if Congress or the President requests his presence sooner. Senator Obama has also spoken with Paulson and Congressional leaders daily.

President Bush requested a meeting with both McCain and Obama and the leaders from both parties in Congress. The news reported that this meeting is basically to explain the current situation to both presidential candidates and to get their input into the proposed bail out.

Now that I got all that information out of the way, let’s look at the records. Everyone is aware that John McCain is a huge supporter of deregulation. Even Sarah Palin was lost for words when she couldn’t provide Katie Couric with any example of what John McCain has done for de-regulation of Wall Street.

During the 110th Congress, John McCain never sponsored a banking bill. Out of the 38 bills sponsored by John McCain, not even one of these bills have been referred to the Banking panel. Compare this to 5 of the 130 measures offered by Barack Obama which were referred to the Banking Committee.

Obama‚Äôs legislation calls for bolstering housing assistance for veterans, amending the Securities and Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation, halting mortgage transactions that promote fraud, authorizing local and state governments to crack down on companies that invest in Iran’s energy sector and authorizing a pilot program to prevent at-risk veterans from becoming homeless. (excerpt from The Hill)

Off topic… during Wednesday’s speech to the American people, President George W Bush blamed the Clinton administration for this Wall Street mess. Bush said that the problem started 10 years ago which would mean that it started while Bill Clinton was President. I beg to differ on this… this Wall Street mess was started by “Mr Deregulation” and that would be President Ronald Reagan.

Never trust a Republican with your money.

Read the latest text of the bail-out plan here, at the Wall Street Journal.


You can’t make this stuff up… unbelievable. Read and watch the videos at Tirg Caps.


Were They Left Behind

John McCain was released from captivity in Vietnam on March 14, 1973 along with 590 other men. There were still more men missing in action in Vietnam at that time. The Vietnamese were holding back approximately 1,205 other POWs hoping to use their release as a bargaining chip to get President Nixon to provide Hanoi with financial retribution for the war. President Nixon agreed to send the money and the Vietnam government not trusting the arrival of these funds, held onto the prisoners. The money was never sent and the POWs never returned.

The Pentagon had been withholding significant information from POW families for years. What’s more, the Pentagon’s POW/MIA operation had been publicly shamed by internal whistleblowers and POW families for holding back documents as part of a policy of “debunking” POW intelligence even when the information was obviously credible. The pressure from the families and Vietnam veterans finally produced the creation, in late 1991, of a Senate “Select Committee on POW/MIA Affairs.” The chair was John Kerry, but McCain, as a POW, was its most pivotal member. In the end, the committee became part of the debunking machine.

Included in the evidence that McCain and his government allies suppressed or tried to discredit is a transcript of a senior North Vietnamese general’s briefing of the Hanoi Politburo, discovered in Soviet archives by an American scholar in the 1990s. The briefing took place only four months before the 1973 peace accords. The general, Tran Van Quang, told the Politburo members that Hanoi was holding 1,205 American prisoners but would keep many of them at war’s end as leverage to ensure getting reparations from Washington.

Throughout the Paris negotiations, the North Vietnamese tied the prisoner issue tightly to the issue of reparations. Finally, in a February 1, 1973, formal letter to Hanoi’s premier, Pham Van Dong, Nixon pledged $3.25 billion in “postwar reconstruction” aid. The North Vietnamese, though, remained skeptical about the reparations promise being honored (it never was). Hanoi thus held back prisoners–just as it had done when the French were defeated at Dien Bien Phu in 1954 and withdrew their forces from Vietnam. France later paid ransoms for prisoners and brought them home.

So what happened to these POWs that have become MIAs? President Reagan was sent a ransom proposal through a third country requesting $4 billion for the return of the remaining captive Americans. Nothing happened. No action was taken by our government.

Furthermore, over the years, the Defense Intelligence Agency (DIA) received more than 1,600 firsthand reports of sightings of live American prisoners and nearly 14,000 secondhand accounts. Many witnesses interrogated by CIA or Pentagon intelligence agents were deemed “credible” in the agents’ reports. Some of the witnesses were given lie-detector tests and passed. Sources provided me with copies of these witness reports. Yet the DIA, after reviewing them all, concluded that they “do not constitute evidence” that men were still alive.

There is also evidence that in the first months of Reagan’s presidency, the White House received a ransom proposal for a number of POWs being held by Hanoi. The offer, which was passed to Washington from an official of a third country, was apparently discussed at a meeting in the Roosevelt Room attended by Reagan, Vice President George H.W. Bush, CIA director William Casey and National Security Adviser Richard Allen. Allen confirmed the offer in sworn testimony to the Senate POW committee on June 23, 1992.